Why Do Banks Have Financial Advisors? A Guide to Maximizing Your Banking Relationship

The shift toward digital banking is undeniable. According to the FDIC’s Household Survey, bank teller usage has declined to just 21% as customers increasingly prefer online and mobile platforms. Mobile banking adoption illustrates this trend dramatically—JPMorgan Chase tripled its mobile user base between 2013 and 2023, reaching 53.8 million active users. Yet despite this technological evolution, banks continue to employ financial advisors for a critical reason: they provide services that algorithms and apps cannot replicate.

You might assume that everything available through your bank’s app or website can be accessed from anywhere. However, you may be overlooking a valuable resource that sits just beyond your screen: your bank’s in-house financial advisor. While convenience is important, personalized financial guidance remains one of banking’s most underutilized advantages.

Investment Strategy Without the Guesswork

Bank financial advisors serve as knowledgeable guides through complex investment landscapes. According to Dave Crittendon, director of private banking at UMB Bank, advisors “can provide opportunities for growth so when you’re ready, you can open investment accounts, meet with trust and fiduciary partners or discuss how you could financially prepare for the next generation.”

Most banking customers lack the time to thoroughly evaluate available investment products. Your bank’s financial advisor bridges this gap by offering access to a curated suite of specialized products and services, often featuring competitive rates you might not discover independently. By presenting all options clearly, advisors help you make well-informed decisions tailored to your specific financial circumstances rather than relying on generic online resources.

One-Stop Solutions for Your Complete Financial Picture

Beyond investments, bank financial advisors function as your comprehensive banking partner. Crittendon explains that they “bring tailored deposit and lending solutions to the table so you can achieve your banking goals.” Whether you’re new to your bank or a long-time customer, you’re likely unaware of every account type and product available to you.

An advisor’s value lies in consolidating your financial needs into one relationship. They can recommend account structures, suggest banking tools that align with your objectives, and help you understand how the full financial picture—not just isolated accounts—can support your goals. This holistic approach enables better tax strategies and potentially saves you significant money.

Personalized Guidance That Adapts to Your Life

Your financial needs aren’t static. When you marry, have children, change careers, or transition into retirement, your financial strategy must evolve accordingly. Dr. David Tuyo, CEO and president of University Credit Union, emphasizes that “it’s essential to thoroughly understand your financial situation and educate yourself on available options, focusing on accounts that align with your financial goals, offering benefits such as higher interest rates, lower fees and flexibility.”

Bank financial advisors have the experience and historical perspective to anticipate how your changing circumstances will affect your financial situation. Rather than relying on one-size-fits-all advice circulating on social media, advisors collaborate with you to build a relationship that accounts for your unique goals and circumstances. As Tuyo notes, “it’s not about rigidly dividing your money into specific accounts but rather about maximizing your funds based on your financial goals and situation.”

The strategies effective in your twenties won’t serve you in your forties. A financial advisor helps ensure your banking and investment approach matures alongside your life, providing confidence that your funds are allocated strategically rather than haphazardly.

The Bottom Line

While mobile banking has transformed how we manage transactions, the human expertise of a bank financial advisor remains irreplaceable. These professionals answer a fundamental question many customers overlook: do banks have financial advisors who can genuinely improve your financial outcomes? The answer is a clear yes—and discovering how to leverage them could be one of your most valuable financial decisions.